1-MIN READ

Bank of Baroda Reports Q1 Net Loss of Rs 864 Crore Due to Higher Provisions, Contingencies

File photo of a Bank of Baroda branch.

File photo of a Bank of Baroda branch.

Interest income of the lender during the April-June quarter of 2020-21 was down by 2.38 per cent to Rs 18,494 crore as against Rs 18,944 crore in the year-ago quarter.

State-owned Bank of Baroda on Monday reported a standalone net loss of Rs 864 crore during the quarter ended June of the current fiscal year, due to higher provisions and contingencies.

The bank had posted a net profit of Rs 710 crore in the same quarter a year ago.

"On account of provisioning on standard accounts of Rs 1,811 crore, bank reported a (standalone) net loss of Rs 864 crore in Q1 FY21 and consolidated net loss stood at Rs 679 crore," Bank of Baroda said in a regulatory filing.

Interest income of the lender during the April-June quarter of 2020-21 was down by 2.38 per cent to Rs 18,494 crore as against Rs 18,944 crore in the year-ago quarter.

Total provisions and contingencies for the quarter jumped by 71.32 per cent to Rs 5,628 crore from Rs 3,285 crore a year ago.

Bank's asset quality improved with the gross non-performing assets (NPAs) falling to 9.39 per cent of the gross advances as on June 30, 2020, from 10.28 per cent by the end-June 2019. Net NPA ratio fell to 2.83 per cent from 3.95 per cent as on June 30, 2019, the bank said.

Bank of Baroda shares closed at Rs 48.55 apiece on the BSE, up 0.21 per cent from the previous close.

Next Story
Loading